Are you a contract worker looking for a mortgage? Have you struggled to get a mortgage in the past because your high street lender doesn’t understand how contractors are paid? At Your Mortgage Expert, we know the Contractor Mortgages market so why not get in touch today?

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We often speak to contractors who tell us they have struggled to secure mortgages on the high street. This is because many of the in-house mortgage consultants for high street lenders aren’t familiar with the way contractors are paid. They often base a contractor’s mortgage on your accounts or other tax efficient methods that may be used, which don’t truly reflect what you earn.

Do any of the following sound like your situation:

• I’ve spoken to lenders in the past who won’t accept my application because I contract • Because I contract, I am not sure how much I can borrow • My accounts don’t really reflect how much I actually earn

If so, then we can help. We know which mortgage lenders are familiar with the way contractors work. These lenders will work off your contract alone. So will give you a mortgage based on an annualised figure of your contract rate and will ignore your Limited Company accounts or any other tax efficient method you use.

The main difference with contractor mortgages is how the lender assesses your income.

Rather than using a “one size fits all” model. Most lenders that welcome contractor customers have more bespoke lending criteria aimed at the financial needs of contract workers.

This underwriting method will use an annualised figure of your contract rate to assess your affordable mortgage. So rather than restricting your assessable income to a director’s salary and dividends as shown on your Limited Company accounts, these lenders will use your gross contract rate to assess your income, enabling you to apply for a mortgage that reflects your true level of income.

This can vary depending on your contracting experience and the level of deposit or equity. But typically, all you will need to provide is your contract, CV and a few bank statements.

Speak to one of our mortgage advisers who will be able to tell you which lenders are able to help and the exact requirements for each of them. We can help take the stress and uncertainty out of your application.

“Overall I’d say the process was ridiculously quick and easy, and I would have no hesitation to recommend this to anyone who wants a quick and hassle-free experience, especially if you’re a contractor and don’t fit in the regular bank schemes.”

Which member of our team can help?

Our team of experienced mortgage advisers can speak to you at a time that suits you. If you live near us we can meet face to face or we can provide the service over the phone.

Most forms of Buy to Let mortgage are not regulated by the Financial Conduct Authority.

Please be aware that from 6 April 2016 higher rates of Stamp Duty Land Tax will be applied to the purchase of additional residential and non-residential properties. For further information visit the Government websiteon the consultation. Please note, by clicking on the link you will be departing from the regulated site of Your Mortgage Expert Ltd. Neither Your Mortgage Expert Ltd nor TenetLime are responsible for the accuracy of the information contained within the non-regulated site.

A MORTGAGE IS A LOAN SECURED AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

YOU MAY HAVE TO PAY AN EARLY REPAYMENT CHARGE TO YOUR EXISTING LENDER IF YOU REMORTGAGE.

YME

Your Mortgage Expert Ltd. is an appointed representative of Tenetlime Ltd, which is authorised and regulated by the Financial Conduct Authority. Tenetlime Ltd is entered on the Financial Services Register (www.fca.org.uk/register) under reference 311266

Your Mortgage Expert Ltd is registered in England and Wales under reference 08924507.

Registered office address: 18 New Canal, Salisbury, SP1 2AQ.
The Guidance provided within this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.